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Fair Debt Collection Practices Act Consumer Financial Protection Bureau (CFPB) Debt Collection

Wiley Rein LLP

Wiley Consumer Protection Download (September 17, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Sheppard Mullin Richter & Hampton LLP

CFPB Targets Medical and Rental Debt Collection in 2024 Annual Report

On September 5, the CFPB issued its annual report on debt collection practices, detailing the Bureau’s efforts to enforce the Fair Debt Collection Practices Act (FDCPA). This year’s report focuses on improper practices in the...more

Ballard Spahr LLP

CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed

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The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....more

Orrick, Herrington & Sutcliffe LLP

U.S. SDNY dismisses FDCPA case against student loan trusts for time-barred violations

On August 16, the U.S. SNDY dismissed as time-barred a student loan debt class-action brought against student loan trusts, servicing agents and a law firm. The suit, brought by a class of New York residents holding student...more

Hudson Cook, LLP

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

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If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,...more

Cozen O'Connor

The State AG Report – 7.11.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs to DOE: Appliance Efficiency Rule is a...more

Cozen O'Connor

CFPB Finds Failures in Debt Servicing, Collection, and Prepaid and Deposit Account Management

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The CFPB found alleged violations of the Fair Debt Collection Practices Act (FDCPA) and other consumer protection laws in its examination of debt collectors, loan servicers, and financial institutions managing deposit,...more

Cooley LLP

CFPB Report Highlights Collection Practice Concerns, Contains Novel UDAAP Theories

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On July 2, 2024, the Consumer Financial Protection Bureau (CFPB) released a new edition of Supervisory Highlights, with a particular focus on account management and collection practices across auto loans, student loans and...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s Frotman speaks on medical debt collections and rental financial products

On April 11, the General Counsel of the CFPB, Seth Frotman, delivered a speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, highlighting how the FDCPA and the FCRA cover...more

Troutman Pepper

General Counsel of the CFPB Delivers Remarks Focusing on Medical Collections and Tenant Screening

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In a recent speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, Seth Frotman, General Counsel of the Consumer Financial Protection Bureau (CFPB or Bureau), focused on medical...more

Orrick, Herrington & Sutcliffe LLP

Trusts are covered persons subject to the CFPA, 3rd Circuit upholds CFPB FDCPA case

On March 19, the U.S. Court of Appeals for the Third Circuit filed an opinion remanding a case between the CFPB and defendant statutory trusts to the District Court. After issuing a civil investigative demand in 2014, the...more

Alston & Bird

CFPB and FTC Amicus Brief Signals Stance on “Pay-to-Pay” Fees under FDCPA

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What Happened? On February 27, the Consumer Finance Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the 11th Circuit case Glover and Booze v. Ocwen Loan Servicing, LLC arguing that...more

Goodwin

2023 Year in Review: Debt Collection and Debt Settlement

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Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement actions related to debt collection and debt...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

Sheppard Mullin Richter & Hampton LLP

CFPB Brings String of Enforcement Actions to Round Out 2023

In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more

Alston & Bird

CFPB Amicus Brief in FDCPA Case Signals Its Stance on Liability for False Statements

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A&B Abstract: On January 2, the Consumer Finance Protection Bureau (“CFPB” or “Bureau”) filed an amicus brief in Carrasquillo v. CICA Collection Agency, Inc. in support of Plaintiff-Appellant Carrasquillo. The brief...more

Troutman Pepper

CFPB Amicus Brief Supports FDCPA Claim for Unknowing Stay Violation

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On January 2, the Consumer Financial Protection Bureau (CFPB) filed an amicus curiae brief urging the U.S. Court of Appeals for the First Circuit to reverse a district court’s decision finding that a debt collector lacked the...more

McGlinchey Stafford

CFPB: Ignorance is No Excuse in FDCPA False, Deceptive, Misleading Violations

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On January 2, 2024, the Consumer Financial Protection Bureau (CFPB) filed an amicus brief in the case of Carrasquillo v. CICA Collection Agency, Inc. where it argued that knowledge (i.e. “scienter”) of a violation of the Fair...more

Orrick, Herrington & Sutcliffe LLP

CFPB files amicus brief on FDCPA case regarding scienter

On January 2, the CFPB announced its filing of an amicus brief in the U.S. Court of Appeals for the First Circuit that takes the position that debt collectors can and should be held strictly liable under the FDCPA regardless...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - January 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Hudson Cook, LLP

CFPB Bites of the Month - December 2023 - I'm Dreaming of a Winter Solstice and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the December 2023 webinar....more

Orrick, Herrington & Sutcliffe LLP

CFPB fines and shuts down debt collector for alleged FDCPA, FCRA violations

On December 15, the CFPB announced a consent order against a Pennsylvania-based nonbank medical debt collection company for alleged violations of the FCRA and FDCPA. ...more

Ballard Spahr LLP

CFPB enters into consent order with third-party collector of medical debts to resolve alleged FCRA and FDCPA violations

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The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more

Burr & Forman

The State of CFPB Focus on Credit Reporting of Medical Debt

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The COVID-19 pandemic's impact on medical debt has spurred the Consumer Financial Protection Bureau into action, particularly as it relates to the credit reporting of medical debt. Since 2020, the CFPB has received a steadily...more

Troutman Pepper

CFPB Shuts Down Medical Debt Collector for Attempting to Collect Unverified Debt

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On December 15, the Consumer Financial Protection Bureau (CFPB) announced it had reached a settlement with medical debt collector Commonwealth Financial Systems, Inc. (Commonwealth) in its lawsuit over alleged illegal debt...more

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